Digital currencies, including stablecoins such as AUDD, are becoming more popular by the day and are poised to play a pivotal role in the innovation of the global payments ecosystem. AUDD has been launched to meet this growing market demand and to provide a better experience for anyone who makes a payment, anywhere, any time.
In his speech at the recent G20 seminar on Central Bank Digital Currency and Crypto-Assets, the Governor of the Reserve Bank of Australia, Dr Philip Lowe, said “it is quite possible that new forms of money will offer better consumer experiences than passing pieces of paper or polymer around or moving money between bank accounts.”
We strongly agree with this view and Novatti’s vision is one where stablecoins are as widely accepted as cash and where entities can pay and be paid seamlessly anywhere in the world.
The digital future of global payments
The past twelve to 18 months have seen seismic shifts in the payments landscape. The COVID-19 pandemic has fast-tracked the shift to fully contactless payments as the world moved online and disruptive technologies ushered in a new age of consumer-focused innovation.
In its report on the Future of Payments in Asia Pacific in May 2022, IDC forecast that by 2030, 80% of consumer payments will be handled by non-banks through mobile and connected devices. A smooth, worldwide, adaptable and secure payment system is needed by businesses looking to stay ahead of the game in the digital age.
Novatti believes that digital currencies represent the next step in the evolution of money and the next leap forward in payments innovation. Digital currencies enable businesses to pay and be paid swiftly and securely anywhere in the world, and bring new technology to bear in facilitating better, faster payments.
In fact, stablecoins like AUDD are set to dramatically change the way monies are sent and received, with users able to send currency globally in an instant, at minimal cost. An array of use cases for the technology are already being tested, against a backdrop of a traditional banking system that remains inefficient and costly.
Immediate, positive impact on payments
With three decades of experience in the development and delivery of payments and distribution platforms, Novatti is building the infrastructure and capability that will bring the AUDD to life for businesses and partners.
With its DNA rooted in technology, Novatti has developed platforms that support both traditional and alternative payment methods to business customers to utilise their back-end systems or to support value distribution within their core systems. This has powered many fintechs to seamlessly deliver services to their end customers and enable them to pay or be paid. The 1:1 A$-backed stablecoin provides more choice while creating new business use cases, with the potential for faster and lower cost domestic, cross-border and billing payments as well as the option for stablecoin-linked payment cards.
AUDD will be integrated into Novatti’s existing suite of payment solutions. Novatti’s business clients will be able to request to purchase stablecoin, which will result in the minting and issuance of AUDD, and to request to burn which will result in the stablecoin being purposefully and permanently removed from circulation and the funds credited to the client beneficiary.
Beta testing of payment flows is set to commence later this month. Later this year AUDD will be launched with selected partners and initial APIs will be made available in Q2 FY2023.
A world of payments possibilities
AUDD has been specifically designed to meet a range of use cases and is initially intended to offer a range of blockchain-based digital transaction services, including:
- Remittance – an A$ stablecoin can allow other fiat-backed stablecoins to be traded efficiently and seamlessly on Digital Currency Exchanges, creating a faster and more cost-effective international remittance network, operated autonomously 24/7
- Gateway – a gateway that can be enacted as an on and off ramp solution, an A$ stablecoin would provide low cost and virtually instantaneous settlement of both domestic and international payments.
- De-Fi Pair – listing an A$ stablecoin on decentralised markets has the potential for the creation of trading pairs, staking and yield farming opportunities. This allows for higher liquidity and market-making opportunities, as it becomes the stablecoin of choice for A $ market-makers, traders and investors.
- Stablecoin as a Service – the platform can be offered as a white-label licensing solution, allowing for the launch of stablecoins or other token types in new markets, industries or jurisdictions.
Want to know more?
If you’d like to learn more about how stablecoins are revolutionising the global payments landscape, or about AUDD itself, please contact us below.